When merchandise is returned under the perpetual inventory system, the buyer would credit
A) Merchandise Inventory
B) Purchases Returns and Allowances
C) Accounts Payable
D) depending on the inventory system used.
A
You might also like to view...
Document symptoms to some extent can signal out that embezzlement is taking place. Which among the following usually does NOT point to some problem with the source documents?
a. Photocopied documents b. Different names or addresses of payees or customers c. Excessive voids or credits d. Increased past-due accounts
The materiality of a misstatement is based on only the quantitative amount of the misstatement
a. True b. False Indicate whether the statement is true or false
The reasons consumers buy vary considerably, but they typically stem from basic needs that each of us has, such as the need to feel welcome, to be understood, and to be treated fairly.
Answer the following statement true (T) or false (F)
Calgary Doughnuts had sales of $100 million in 2007. Its cost of sales were $70 million. If sales are expected to grow at 20% in 2008, compute the forecasted costs using the percent of sales method
A) $80 million B) $84 million C) $88 million D) $96 million